Washington Code 60.10.010 – Definitions
Current as of: 2023 | Check for updates
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As used in this chapter:
Terms Used In Washington Code 60.10.010
- Collateral: means the property subject to a statutory lien. See Washington Code 60.10.010
- Foreclosure: A legal process in which property that is collateral or security for a loan may be sold to help repay the loan when the loan is in default. Source: OCC
- Lien: A claim against real or personal property in satisfaction of a debt.
- lien debtor: means the person who is obligated, owes payment or other performance. See Washington Code 60.10.010
- person: may be construed to include the United States, this state, or any state or territory, or any public or private corporation or limited liability company, as well as an individual. See Washington Code 1.16.080
- Personal property: All property that is not real property.
- Statute: A law passed by a legislature.
- Uniform Commercial Code: A set of statutes enacted by the various states to provide consistency among the states' commercial laws. It includes negotiable instruments, sales, stock transfers, trust and warehouse receipts, and bills of lading. Source: OCC
(1) The term “lien debtor” means the person who is obligated, owes payment or other performance. Where the lien debtor and the owner of the collateral are not the same person, the term “lien debtor” means the owner of the collateral.
(2) “Collateral” means the property subject to a statutory lien.
(3) “Lienholder” means a person who, by statute, has acquired a lien on the property of the lien debtor, or such person’s successor in interest.
(4) “Secured party” has the same meaning as used in Article 9A of the Uniform Commercial Code (Title 62A RCW).
NOTES:
Effective date—2001 c 32: See note following RCW 62A.9A-102.